Snow Stalls

Home Sales

State Soars

The worst winter weather in years slowed construction and nationwide sales of existing homes in January, but the sun and homes sales were shining in Florida.

Sales in Florida last month jumped 19 percent, according to the Florida Association of Realtors.

"The growth seen this month is tremendous. I believe the expansion is driven by three main factors: low interest rates, increased consumer confidence and higher employment levels," said association President James R. Kasper.

Out-of-state buyers pushed sales in the West Palm Beach-Boca Raton metro area up 38 percent in January 1994 compared to January 1993. In the Fort Lauderdale metro area, single-family home resales rose 17 percent during the same time period.

In Miami, where Realtors report increased activity from international buyers as well as the continuation of hurricane-related activity, single-family, existing home sales rose 34 percent.

The National Association of Realtors said nationwide existing home sales fell 3 percent to 4.22 million units from December's record levels.

At the same time, the Commerce Department said the weather snapped a lengthy boom in construction spending as building activity weakened in January for the first time in nine months.

Spending fell 1.2 percent to a seasonally adjusted annual rate of $505.5 billion after rising a revised 2.4 percent in December. The department had said December spending rose 2.6 percent.

Michael Carliner, of the National Association of Homebuilders, said that construction that was idled during the brutal weather will likely be made up as the weather improves.